Thread by @yomeeks

The Pension War Room wants you to know that Drew Barnes is an idiot in the same vein as Trump; populist economic policy combined with a healthy dose of xenophobia. This is a paid ad gussied up to look like a national post article. #ABLeg
nationalpost.com/sponsored/news…

This is the new thing in print "journalism". The @nationalpost will print anything for money and have no qualms about passing it off as an article.

This advertisement-article was paid for by a PAC that was set up to skirt political financing law in AB. #ABLeg

It returns to @jkenney favorite, and,as yet unstudied desire to withdraw from CPP and form an APP.
The errors are many, but considering that we are currently paying millions to have this stupid idea researched, Drew is really tipping his hand here. #ABLeg

I don't have the patience to go through everything:

1. "An APP would deliver “same or better” results for Alberta’s pensioners" Nope.

It might be able to AT A MUCH HIGHER COST. #ABLeg That is a worse result.

2. "There’s been a lot of interest recently in the creation of an Alberta Pension Plan (APP),..."

Nope. in fact polls show the majority of Albertans dead set against it. #ABLeg

3. "The CPP has been demanding larger and larger contributions from each Albertan’s paycheque over the years to keep the plan solvent. The contribution rate is currently set at 10.5 per cent...."

Read this summary by an actual pension expert:

kpa-advisory.com/policy-papers/…

Ambachtsheer is a highly regarded pension expert. His conclusion is that no money would be saved at all because of the greater risk of a smaller plan and the hundreds of millions in set up costs. #ABLeg

Drew, the math is complicated, but it don't lie.

4. "A report by the Fraser Institute..." Stop right there, the much discredited Fraser Institute that is the mouth piece of the moneyed. That is the only "research" sighted in the advertisement. #ABLeg

Real experts here would be actuaries.

In actuality Fraser is opposed to any kind of a national pension scheme.

5. "The Constitution of Canada allows each province the option of leaving the CPP and establishing its own provincial pension plan."

True #ABLeg

But not one has done so because it is a stupid idea.

(The QPP was separate from the beginning.)

6. "Alberta’s population will likely shift slightly older in the future." Tru dat. And there goes the advantage that Drew is trying to exploit. #ABLeg

This is a scheme for grey haired AB to rip off the next gen.

The UCP have proven to be not very good with money. A government that has $1.7 billion of omissions and material misstatements in its books has serious problems.

Never mind the perennial under performance of AIMCO that would be charged with investing the money. #ABLeg

Ambachtsheer also believes that the GOA would meddle in the investments as well. This creates another risk.

Given that AIMCO's sole shareholder is the GOA it is not hard to see inappropriate influence exercised. #ABLeg

"Keeping billions of dollars inside the province would allow the province’s pension fund managers to invest, where prudent, in Alberta businesses or in businesses that support Alberta’s economy."

INVESTING IN BUSINESSES THAT THE PRIVATE SECTOR WON'T IS INSANITY. #ABLeg